We have all heard tales about how the retired, older population seems to be a target for scams, con artists, and salespeople. You may wonder why are scams so common with the aging population? Two primary reasons, first many older Americans suffer from some amount to memory loss thus can be easily tricked into believing half-truths.
Next, they are incredibly reluctant to report being bamboozled to their families let alone the authorities. Not only is being scammed completely embarrassing, but when your considered “elderly,” there is the added stress that family, friends, and doctor’s will believe you are not fit to live independently any longer. So how does one protect their family/friends from these criminals?
- Have regular conversations about the types of scams that people are facing. Discuss what we assume these days as obvious; never give anyone personal information such as social security number, drivers license number, credit card numbers, bank account numbers or financial assets information.
- Suggest removing important documents from the home, and either put in a safety deposit box at the bank or give to a trusted family member for safe keeping.
- Do not keep large sums of money in a checking or savings account. Instead have assets with a reputable Financial Planner or Wealth Manager. This serves as a checks and balances system so con artists cannot just log into an account and take what they want in a matter of minutes.
- Ensure a trusted person has Financial Power of Attorney (POA,) and setup alerts on credit and debit cards as well as bank accounts that will notify you via text message and or email if large sums of money have been withdrawn. There are many alerts that can be setup such as a “low balance,” which could also alert you to unauthorized activity.
- Discuss internet, and email safety! Never open ANY email that comes from another country, or a completely reliable source. Ensure that ALL computers have good virus protection. AT&T provides FREE McAfee Virus protection to their internet customers.
- Make sure that you remind your family/friend that if they suspect they may have been taken advantage of that they have no reason to feel ashamed or embarrassed. These people are professional criminals!
What is today’s most common scams?
- Medical: Scammers easily obtain someone’s personal information without much coercion because we all know it is required for things such as insurance. Insurance Salespeople (not necessarily a criminal,) call and offer a more affordable Medicare Plan and or supplement and convince them to switch. Whereas that is not a scam, most people end up with a plan that does not meet their requirements leaving them with higher deductibles, coinsurance, and copays while the insurance person makes a commission for writing another policy.
- Telemarketers selling fake health products such as a new Vitamin to combat cancer, memory loss, or a plethora of other diseases that plague us as we age. You can cancel the “subscription,” for Vitamins but it is not easy, and you rarely get the initial of money spent back.
- Email and Internet Fraud. Criminals send emails asking for donations to help save a terminally child for example.
- End of Life Planning. Scammers sell fake burial plots, tombstones etc.
If you believe you or someone you know has been financially exploited, do not hesitate to contact your local FBI office!
